Waaree Energy Storage System funding
High-tech energy storage division of WAAREE Group — Waaree Energy Storage System (WESS) — on Wednesday announced it has raised $2 million in seed funding from an HNI investor.
According to a statement, the startup plans to utilize the freshly raised capital to fuel the development of its manufacturing capabilities and support product development with a laser-sharp focus on smart IoT-based batteries and telematics.
Furthermore, it will help the startup to strengthen its energy storage capacities and boost its footing across both domestic and international frontiers.
Commenting on the investment, Shiv Nath, Managing Director, Waaree ESS Pvt. Ltd., said, “Lithium-ion batteries are the cornerstone to the country’s ambitious green energy development plan, and we are focussed on contributing towards the government’s vision of achieving RE targets of 175GW by 2022. With easy maintenance will come the acceptance towards green energy transition among both corporates and consumers.
“We’ve achieved remarkable success in delivering state-of-the-art solutions in last year and have supplied around 16 million watt-hours to companies,” he added.
WESS is also venturing into the future with advancements in integrated and high-tech battery management systems and charging solutions. The startup is bullish on building economically viable and easy-to-adopt solutions to promote the adoption of solar across various aspects of daily life.
“This round of funding will help us double down on product capabilities, formulate our approach to repurpose the end-of-life batteries and cement our segment leadership. While we continue to enjoy our leverage in cutting-edge technology features, our mission has always been to provide practical solutions to optimize performance, and be the front-runners of the solar revolution, trailing across the corners of the globe,” Shiv added.
The startup will also focus on generating high-end two-wheeler and three-wheeler batteries to optimize lifecycles to produce improved results, making them re-usable. This, in turn, will also provide stimulus to the recyclable energy ecosystem in India, thus significantly paving the way for a circular economy in the country.
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